Exhibit 99.1
Annual Statement for SLC Student Loan Trust 2004-1 for the Year ended December 31, 2004
I. SLC TRUST 2004-01 Deal Parameters
Student Portfolio Characteristics | 11/23/2004 | Activity | 12/31/2004 | ||
A | i | Portfolio Balance | $1,462,052,963.26 | $8,876,106.81 | $1,453,176,856.45 |
ii | Interest to be Capitalized | $ 4,898,473.58 | $ 4,877,337.87 | ||
iii | Total Pool | $1,466,951,436.84 | $1,458,054,194.32 | ||
iv | Specified Reserve Account Balance | $ 3,713,868.00 | $ 3,721,579.88 | ||
v | Capitalized Interest Account Balance | $ 7,302,491.00 | $ 7,317,756.55 | ||
vi | Total Adjusted Pool | $1,477,967,795.84 | $1,469,093,530.75 | ||
B | i | Portfolio Balance as a Percent of Original Balance | 100.00% | 99.39% | |
ii | Weighted Average Coupon (WAC) | 4.255% | 4.253% | ||
iii | Weighted Average Remaining Term | 229.77 | 229.20 | ||
iv | Number of Loans | 99,239 | 98,948 | ||
v | Number of Borrowers | 57,499 | 57,366 | ||
vi | Average Outstanding Principal Balance | $1,462,052,963.26 | $1,457,614,909.86 |
Notes | CUSIP | Spread | Balance 11/23/2004 | Pool Factor 11/23/2004 | Balance 01/15/2005 | Pool Factor 01/15/2005 | ||
C | i | A1 Notes | 784423AA3 | -0.020% | $119,450,000.00 | 1.0000000000 | $119,450,000.00 | 1.0000000000 |
ii | A2 Notes | 784423AB1 | 0.010% | $247,050,000.00 | 1.0000000000 | $247,050,000.00 | 1.0000000000 | |
iii | A3 Notes | 784423AC9 | 0.060% | $153,500,000.00 | 1.0000000000 | $153,500,000.00 | 1.0000000000 | |
iv | A4 Notes | 784423AD7 | 0.110% | $269,200,000.00 | 1.0000000000 | $269,200,000.00 | 1.0000000000 | |
v | A5 Notes | 784423AE5 | 0.130% | $230,800,000.00 | 1.0000000000 | $230,800,000.00 | 1.0000000000 | |
vi | A6 Notes | 784423AF2 | 0.160% | $130,000,000.00 | 1.0000000000 | $130,000,000.00 | 1.0000000000 | |
vii | A7 Notes | 784423AG0 | 0.230% | $290,980,000.00 | 1.0000000000 | $290,980,000.00 | 1.0000000000 | |
viii | B Notes | 784423AH8 | 0.290% | $ 44,567,000.00 | 1.0000000000 | $ 44,567,000.00 | 1.0000000000 |
Total Notes Parity | $1,485,547,000.00 99.49% | $1,485,547,000.00 98.89% |
Reserve Account | 11/23/2004 | Activity | 01/15/2005 | ||
D | i | Required Reserve Acc Deposit (%) | 0.25% | 0.25% | |
ii | Reserve Acct Initial Deposit ($) | $3,713,868.00 | $ - | $3,713,868.00 | |
iii | Specified Reserve Acct Balance ($) | $3,713,868.00 | $ 7,711.88 | $3,721,579.88 | |
iv | Reserve Account Floor Balance ($) | $2,250,000.00 | $ - | $2,250,000.00 | |
v | Current Reserve Acct Balance ($) | $3,713,868.00 | $ 7,711.88 | $3,721,579.88 |
Capitalized Interest Account | 11/23/2004 | Activity | 01/15/2005 | ||
E | i | Capitalized Interest Account Balance | $7,302,491.00 | $15,265.55 | $7,317,756.55 |
II. SLC TRUST 2004-01 Distributions
Interest | ||||||||||
Class | CUSIP | Quarterly Interest Due | Quarterly Interest Paid | Interest Shortfall | Interest Carryover Due | Interest Carryover Paid | Interest Carryover | Interest Factor | Rate | Next Rate |
A1 | 784423AA3 | $ 298,840.81 | $ - | $ - | $ - | $ - | $ - | 0.0000000000 | 2.30936% | 0.00000% |
A2 | 784423AB1 | $ 626,100.46 | $ - | $ - | $ - | $ - | $ - | 0.0000000000 | 2.33936% | 0.00000% |
A3 | 784423AC9 | $ 397,330.66 | $ - | $ - | $ - | $ - | $ - | 0.0000000000 | 2.38936% | 0.00000% |
A4 | 784423AD7 | $ 711,398.69 | $ - | $ - | $ - | $ - | $ - | 0.0000000000 | 2.43936% | 0.00000% |
A5 | 784423AE5 | $ 614,921.98 | $ - | $ - | $ - | $ - | $ - | 0.0000000000 | 2.45936% | 0.00000% |
A6 | 784423AF2 | $ 350,584.87 | $ - | $ - | $ - | $ - | $ - | 0.0000000000 | 2.48936% | 0.00000% |
A7 | 784423AG0 | $ 806,782.79 | $ - | $ - | $ - | $ - | $ - | 0.0000000000 | 2.55936% | 0.00000% |
B | 784423AH8 | $ 126,465.10 | $ - | $ - | $ - | $ - | $ - | 0.0000000000 | 2.61936% | 0.00000% |
Total | $3,932,425.35 | $ - | $ - | $ - | $ - | $ - |
CURRENT LIBOR 2.329360%
NEXT LIBOR 0.000000%
Principal | |||||
Class | CUSIP | Quarterly Principal Due | Quarterly Principal Paid | Quarterly Principal Shortfall | Principal Factor |
A1 | 784423AA3 | $ - | $ - | $ - | 0.0000000000 |
A2 | 784423AB1 | $ - | $ - | $ - | 0.0000000000 |
A3 | 784423AC9 | $ - | $ - | $ - | 0.0000000000 |
A4 | 754423AD7 | $ - | $ - | $ - | 0.0000000000 |
A5 | 784423AE5 | $ - | $ - | $ - | 0.0000000000 |
A6 | 784423AF2 | $ - | $ - | $ - | 0.0000000000 |
A7 | 784423AG0 | $ - | $ - | $ - | 0.0000000000 |
B | 784423AH8 | $ - | $ - | $ - | 0.0000000000 |
TOTAL | $ - | $ - | $ - |
III. SLC TRUST 2004-01 Transactions from: 11/23/2004 through: 12/31/2004
A | Student Loan Principal Activity | |||
i | Regular Principal Collections | $ | 9,921,199.81 | |
ii | Principal Collections from Guarantor | $ | 27,923.13 | |
iii | Principal Reimbursements | $ | 23,113.94 | |
iv | Other System Adjustments | $ | - | |
v | Total Principal Collections | $ | 9,972,236.88 | |
B | Student Loan Non-Cash Principal Activity | |||
i | Other Adjustments | $ | (96,537.54) | |
ii | Capitalized Interest | $ | (999,592.53) | |
iii | Total Non-Cash Principal Activity | $ | (1,096,130.07) | |
C | Total Student Loan Principal Activity | $ | 8,876,106.81 | |
D | Student Loan Interest Activity | |||
i | Regular Interest Collections | $ | 4,528,834.22 | |
ii | Interest Claims Received from Guarantors | $ | 356.75 | |
iii | Collection Fees/Returned Items | $ | - | |
iv | Late Fee Reimbursements | $ | 40,424.94 | |
v | Interest Reimbursements | $ | - | |
vi | Other System Adjustments | $ | - | |
vii | Special Allowance Payments | $ | - | |
viii | Subsidy Payments | $ | - | |
ix | Total Interest Collections | $ | 4,569,615.91 | |
E | Student Loan Non-Cash Interest Activity | |||
i | Interest Accrual Adjustments | $ | (5,956,309.27) | |
ii | Capitalized Interest | $ | 999,592.53 | |
iii | Total Non-Cash Interest Adjustments | $ | (4,956,716.74) | |
F | Total Student Loan Interest Activity | $ | (387,100.83) | |
G | Realized Losses During Collection Period | $ | - | |
H | Cumulative Realized Losses to Date | $ | - |
IV. SLC TRUST 2004-01 Collection Account Activity 11/23/2004 through 12/31/2004
A | Principal Collections | |||
i | Principal Payments Received | $ | 6,428,689.33 | |
ii | Principal Collections from Guarantor | $ | 27,923.13 | |
iii | Consolidation Principal Payments | $ | 3,515,624.42 | |
iv | Reimbursements by Seller | $ | - | |
v | Borrower Benefits Reimbursements | $ | - | |
vi | Reimbursements by Servicer | $ | - | |
vii | Re-purchased Principal | $ | - | |
viii | Total Principal Collections | $ | 9,972,236.88 | |
B | Interest Collections | |||
i | Interest Payments Received | $ | 4,499,240.15 | |
ii | Interest Claims Received from Guarantors | $ | 356.75 | |
iii | Consolidation Interest Payments | $ | 29,594.07 | |
iv | Reimbursements by Seller | $ | - | |
v | Borrower Benefits Reimbursements | $ | - | |
vi | Reimbursements by Servicer | $ | - | |
vii | Re-purchased Interest | $ | - | |
viii | Collection Fees/Returned Items | $ | - | |
ix | Late Fees | $ | 40,424.94 | |
x | Total Interest Collections | $ | 4,569,615.91 | |
C | Other Reimbursements | $ | - | |
D | Reserves in Excess of Reserve Requirement | $ | (7,711.88) | |
E | Interest Rate Cap Proceeds | $ | - | |
F | Trust Account Investment Income | $ | 35,559.01 | |
G | Administrator Account Investment Income | $ | - | |
TOTAL FUNDS RECEIVED | $ | 14,569,699.92 | ||
LESS FUNDS PREVIOUSLY REMITTED/SET ASIDE: | ||||
i Consolidation Loan Rebate Fees | $ | 2,564,895.23 | ||
H | TOTAL AVAILABLE FUNDS | $ | 12,004,804.69 | |
I | Servicing Fees Due for Current Period | $ | 771,096.52 | |
J | Carryover Servicing Fees Due | $ | - | |
K | Total Fees Due for Period | $ | 771,096.52 |
V. SLC TRUST 2004-01 Portfolio Characteristics
Weighted Avg Coupon | # of Loans | % | Principal Amount | % | ||||||
STATUS | 11/23/04 | 12/31/04 | 11/23/04 | 12/31/04 | 11/23/04 | 12/31/04 | 11/23/04 | 12/31/04 | 11/23/04 | 12/31/04 |
INTERIM | ||||||||||
In School | ||||||||||
Current | 0.000% | 0.000% | 0 | 0 | 0.000% | 0.000% | $ - | $ - | 0.000% | 0.000% |
Grace | ||||||||||
Current | 0.000% | 0.000% | 0 | 0 | 0.000% | 0.000% | $ - | $ - | 0.000% | 0.000% |
TOTAL INTERIM | 0.000% | 0.000% | 0 | 0 | 0.000% | 0.000% | $ - | $ - | 0.000% | 0.000% |
REPAYMENT | ||||||||||
Active | ||||||||||
Current | 4.219% | 4.219% | 75,990 | 75,466 | 76.573% | 76.268% | $1,087,408,846.45 | $1,075,775,858.03 | 74.306% | 74.029% |
31-60 Days Delinquent | 4.485% | 4.495% | 1,849 | 1,893 | 1.863% | 1.913% | $28,080,991.97 | $28,041,718.07 | 1.946% | 1.930% |
61-90 Days Delinquent | 4.479% | 4.453% | 856 | 1,010 | 0.863% | 1.021% | $13,326,983.03 | $15,139,258.87 | 0.965% | 1.042% |
91-120 Days Delinquent | 4.459% | 4.432% | 598 | 620 | 0.603% | 0.627% | $9,683,226.71 | $9,851,760.71 | 0.620% | 0.678% |
> 120 Days Delinquent | 4.374% | 4.415% | 1,054 | 1,337 | 1.062% | 1.351% | $14,919,546.38 | $19,295,223.07 | 1.078% | 1.328% |
Deferment | ||||||||||
Current | 4.279% | 4.282% | 13,303 | 12,953 | 13.405% | 13.091% | $203,579,187.90 | $198,402,587.46 | 13.936% | 13.653% |
Forbearance | ||||||||||
Current | 4.446% | 4.414% | 5,587 | 5,649 | 5.630% | 5.709% | $105,026,257.69 | $106,335,072.07 | 7.142% | 7.317% |
TOTAL REPAYMENT | 4.255% | 4.253% | 99,237 | 98,928 | 99.998% | 99.980% | $1,462,025,040.13 | $1,452,841,478.28 | 99.992% | 99.977% |
Claims in Process | 3.625% | 4.661% | 2 | 20 | 0.002% | 0.020% | $27,923.13 | $335,378.17 | 0.008% | 0.023% |
Aged Claims Rejected | 0.000% | 0.000% | 0 | 0 | 0.000% | 0.000% | $ - | $ - | 0.000% | 0.000% |
GRAND TOTAL | 4.255% | 4.253% | 99,239 | 98,948 | 100.000% | 100.000% | $1,462,052,963.26 | $1,453,176,856.45 | 100.000% | 100.000% |
VI. SLC TRUST 2004-01 Payment History and CPRs
Distribution Date | Actual Pool Balances | Life CPR* | Life Pct of CLR |
04-Dec | $ 1,460,750,857.76 | -3.17 | -56994.16 |
05-Jan | $ 1,453,176,856.45 | -1.15 | -6906.45 |
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool date.